Skip to Main Content

2023 Spencer Stuart S&P MidCap 400 Board Index

November 2023

Spencer Stuart’s 2023 survey of S&P MidCap 400 boards finds an increased focus on appointing more top-level executives — active or retired CEOs, chairs, COOs and presidents — mirroring the trend at large-cap boards. While we see some differences between mid- and large-cap boards, the profiles of directors joining mid- and large-cap boards in 2023 are increasingly similar.

Other highlights from the 2023 report include:

  • Mid-cap boards appointed a higher proportion of functional leaders: they comprise 28% of new appointments, up from 25% last year and compared with 16% among the S&P 500.
  • First-time public company directors make up 46% of the S&P MidCap 400 incoming class of directors in 2023, almost 1.5x times the percentage appointed to S&P 500 boards (31%).
  • 63% of mid-cap boards’ new directors are diverse, using the Nasdaq definition of directors who self-identify as female, and/or underrepresented minorities and/or LGBTQ+. Among large-cap boards, diverse individuals account for 67% of new directors.
  • A supermajority of mid-cap boards (91%) now disclose details about their board diversity, up from 83% a year ago and 60% in 2021.